The company will also be closing 50 Bath & Body Works stores as well, but is still working to on a plan for the brand to go public.

"As part of our strategy to increase shareholder value, we remain committed to establishing Bath & Body Works as a pure-play public company, and we are taking the necessary steps to prepare the Victoria's Secret Lingerie, Victoria's Secret Beauty and PINK businesses to operate as a separate, standalone company," the company said.

L Brands said they hope most of their remaining stores will be allowed to reopen by the end of July.

"We intend to thoughtfully open stores throughout the second quarter, taking steps to ensure the safety of our customers and associates, and adhering to government guidelines," L Brands said.

Photo: Getty Images

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